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Sri Lankan stocks up on banks, turnover at 8-month high
September 26, 2012 / 11:50 AM / 5 years ago

Sri Lankan stocks up on banks, turnover at 8-month high

COLOMBO, Sept 26 (Reuters) - Sri Lankan stocks ended slightly firmer on Wednesday as investors picked up banking and diversified shares while block deals pushed turnovers to an eight-month high, dealers said, while the rupee firmed as banks sold dollars.

The Colombo Stock Exchange’s main index, or all share price index (ASPI), ended 0.29 percent, or 17.47 points, higher at 5,943.76.

Conglomerate Aitken Spence PLC accounted for 72 percent of the day’s turnover on a block deal and closed 0.39 percent firmer at 130 rupees a share.

“In terms of market trajectory, we expect the bourse to test the 6000 key resistance level next week although intermittent bouts of profit taking could result in temporary dislocations,” DNH Financial in Colombo said in a note to investors.

The index rose 19 percent in 15 sessions through to Sept. 17 on hopes that a new Securities and Exchange Commission head would come up with ideas to revive the market, which is down 2.15 percent this year.

The bourse has been overbought since Aug. 28, Thomson Reuters data shows. The 14-day Relative Strength Index on Wednesday was at 83.073, well above the upper neutral range of 70.

Turnover on Wednesday was 4.26 billion rupees ($32.51 million), the highest since Jan. 26 and more than four times this year’s daily average of 942 million rupees.

The bourse saw a net foreign inflow of 278 million rupees, extending the net foreign inflow this year to 30.63 billion rupees.

The rupee closed firmer at 130.90/131.00 to the dollar compared with Tuesday’s close of 131.00/05 as banks bought rupees, dealers said. ($1 = 131.0250 Sri Lanka rupees) (Reporting by Ranga Sirilal; Editing by Frank Jack Daniel and Robert Birsel)

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